China's BYD to launch a second new EV brand in 2023 -executive (updated)

Byd Electronic (International)

15/12/2022 10:00

(Adds background on BYD, more comments)
       SHANGHAI, Dec 15 (Reuters) - China's BYD Co  1211.HK 
will launch a new "professional and personal" electric car brand
in 2023, a senior executive said on Thursday as the automaker
expands its range following a year of strong sales.
    Brian Luo, the company's branding assistant general manager,
made the comments at a media event. The new brand will be an
addition to Yangwang, a premium brand set for launch in the
first quarter of 2023 that it announced last month. 
    Having ditched gasoline vehicles from its product mix this
year, BYD has been able to capitalise on a range of incentives
for electric cars offered by the central and local governments.
    It has also been making a wider global push, selling its
pure electric to markets including Norway, New Zealand,
Singapore, Brazil, Costa Rica and Colombia.
    Luo said BYD has sold cars to 35 countries outside China
since it started exporting to Norway last May. 
    The automaker, which also produces plug-in hybrid cars, was
the top-selling car brand in China in the first four weeks of
November, brokerage data showed, outperforming Volkswagen in a
reversal that highlights the pressure on legacy brands in the
world's largest auto market.
 (Reporting by Zoey Zhang and Brenda Goh; Writing by Liz Lee;
editing by Christian Schmollinger and Jason Neely)
 ((liz.lee@thomsonreuters.com; Twitter: @livinglizly;))